News Details

SYSTAIC publishes record results in Annual Report 2008 and announces strong first quarter 2009

• Total annual revenue increased more than six-fold to € 199m
• Increase of operating result to € 10m
• Initial figures suggest ten-fold increase of revenue to € 40m in first quarter 2009

The Düsseldorf-based solar technology company systaic AG concluded financial year 2008 with record revenue and earnings. The figure of € 199m for 2008 represented a six-fold increase in consolidated revenue on the previous year (€ 31m). The operating result (EBIT) increased to € 10m (previous year: € 6m).

All segments showed substantial growth and thus contributed to the successful business development of the Group: After having launched the SYSTAIC Energy Roof on the market in the previous year, the Energy Roof Systems segment has already attained considerable growth in revenue to € 7m in the first full financial year. The sales organisation in Germany and key European markets is being expanded and strengthened through the establishment of a partnership with French building group Saint-Gobain. This has already been announced and final negotiations are currently underway.

The SYSTAIC Automotive segment, owned by the SYSTAIC Group since it acquired a share of 64% in Webasto Solar GmbH on 1 April 2007, was able to significantly increase its revenue from € 6 million in the previous year to € 10 million in 2008. In addition the segment, currently the only industrial supplier of solar systems for the automotive industry, received orders from a wide range of European and US vehicle manufacturers for the development of prototype solar systems for new vehicle models. In view of the political discussion on CO2 reduction and related trend towards hybrid and electric cars, strong growth can be anticipated in this segment in the medium term.

Planning services worth € 5 million (previous year: € 13 million) were rendered by the SYSTAIC Planning & Engineering segment. As a major driving force in the group, the SYSTAIC Solar Power Plant segment generated sales of € 176 million in 2008 (previous year: € 12 million). The focus of business operations in the financial year lay in Spain. From 2009 both segments have been combined and are being covered by the new subsidiary Enerparc AG.

"Notwithstanding the rapid and successful implementation of our major contract in Belmez in the Spanish region of Córdoba, we will not be able to reap the economic fruits until later. The final payment for the projects in Belmez is expected in April 2009, as contractually agreed upon, which means that the balance sheet as at 31 December 2008 still shows a high receivables figure”, explained SYSTAIC CFO Heiko Piossek the total assets 2008. “Payments meanwhile received in the first 








quarter of 2009 and the final payment for the solar power plant in Belmez will, however, significantly reduce total assets."

In the meantime SYSTAIC has started the construction of greenhouses with integrated solar systems based on a general agreement concluded with Atharv Cleantech Limited, a subsidiary of the Indian company Moser Baer Clean Energy Limited, to realise a total output of 200 MWp in Europe. Currently the SYSTAIC subsidiary Enerparc is working on a greenhouse-integrated photovoltaic project under this agreement with a total output of 115 MWp. Upon completion this will be the world’s largest roof-integrated photovoltaic plant. Regarding corporate borrowing Moser Baer Cleantech Energy has commissioned Rabobank.

The contract, as already announced, has a total volume of € 450 million and is due to be put into operation in phases by 2010. SYSTAIC has agreed ‘milestone payments’ with the investors according to the progress of the project of the new large-scale plants in Sardinia. “SYSTAIC thus has a concept for financing power plants in the future in sync with the building process, in other words without requiring substantial amounts of own liquidity”, as Piossek explains the future proceeding.

systaic AG is positioned downstream in the photovoltaic value chain, i.e. close to the customer, and does not act as a commodity manufacturer. “Market trends already show significantly reduced and further declining cell and module prices, which will have a positive effect on our business model. On the strength of the largest project pipeline in the company’s history, despite the adverse economic environment the management is proposing to implement the announced 30%+ overall increase in sales for the year 2009 to over € 260 million with an operative margin of about 7%,” concludes Heiko Piossek.